This paper surveys both the theoretical and empirical economics literatures on nonlinearity, complex dynamics, and chaos. Unlike earlier survey papers, this one is written for professional researchers in the area and assumes relevant mathematical background. Unsolved problems and unresolved...

Combining and Extending the concepts of fluid viscosity, system dynamics and Cobb-Douglas production function, an attempt was made to propose a theoretical framework that models the effect of organizational structure on organizational self-renewal and knowledge diffusion. It was showed that...

We work out technical efficiency levels of 29 countries consisting of some selected South Asian, East Asian and EU countries using data envelopment analysis. Luxembourg has an efficiency score of one(most efficient) in all the years .Netherlands also has an efficiency score of one in...

The objective of this paper is to re-examine the impact of universal education policy on the incidence of child labour and on the adult unemployment in a job-search model. The paper assumes the double role played by the universal education programme. It raises the number of school going children...

We consider sets defined by the usual stochastic ordering relation and by the second order stochastic dominance relation. Under fairy general assumptions we prove that in the space of integrable random variables the closed convex hull of the first set is equal to the second set.

In 1960's there was a controversy in Czechoslovakia about the causes of economic stagnation and about the economic policy, that would lead to resumption of economic growth. One group of economists that contained primarily planners and other government officials, argued that the only way to...

This paper presents an analysis of time-series data for the countries in the Summers-Heston (1991) data set, in an attempt to ascertain the evidence for or against the export-led growth hypothesis. We find that standard methods of detecting export-led growth using Granger causality tests may...

This note shows that there are monetary equilibria in the model of overlapping generations that are in the core. These equilibria have positive stocks of outside money in every generation, and they support Pareto-optimal equilibrium allocations. These equilibria are thus self-enforcing, and...

This study compares the forecasting performance between Smooth Transition Autoregressive (STAR) non-linear model and the conventional linear Autoregressive (AR) time series model using the simple random walk (SRW) model as the standard reference model. To accomplish this objective, quarterly...

The objective of this note is to show that the positively valued excess supplies which Aiyagari (JME, 1992) connects with Pareto inefficiency for overlapping generations economies represent an economic opportunity that can potentially be exploited by government or by a private financial...